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National Heroes Day Banking Hours

Butterfield will be closed on Monday, 20 June, 2022 for National Heroes Day. To access your accounts, please use our Butterfield Online, ATM and mobile banking services.



Our Banking Centres will re-open on Tuesday, 21 June, 2022 from 9:00 a.m. – 4:00 p.m.

We have moved! Our new address is: PO Box 250, IFC6, IFC Jersey, St Helier, Jersey, JE4 5PU.

 

Please be advised our EUR & USD Notice account rates have been updated. Please click here to view our Notice account rates. 

 

Butterfield will be closed on Monday, 13 November, for the Remembrance Day public holiday. Our Banking Centres will reopen on Tuesday, 14 November, at 9 a.m. To access your accounts, please use Butterfield Online and our ATM network.

Old Sterling Banknotes – removed from circulation on 1 October 2022.

Please be advised that as of Saturday, 1 October 2022, Butterfield will not accept old paper sterling notes for banking deposits or transactions as they will no longer be legal tender. The official last day of use is Friday, 30 September 2022.

Butterfield clients are encouraged to deposit old notes or swap them out for the new polymer ones at any Butterfield Banking Centre before Saturday, 1 October 2022. From this date, only polymer sterling banknotes will be accepted.

We will be closed on Monday, 23 January 2023 for National Heroes Day. Our Midtown Plaza Banking Centre will be this Saturday from 9:00 a.m. until 12:00 p.m. and otherwise all Banking Centres will reopen on Tuesday, 24 January 2023, with normal operating hours of 9:00 a.m. - 4:00 p.m. You can continue to access your accounts during the public holiday by using our Butterfield Online, ATM and mobile banking devices.

Please be advised our General Terms and Conditions have been updated in reference to a new clause 11.3.  Please click here to view the full document.

Holiday Banking Hours:

Butterfield will be closed from 2 p.m. on Friday 23 December and will reopen 9 a.m. Wednesday 28 December, 2022.

We will close again from 4 p.m. on Friday 30 December, 2022 and will reopen 9 a.m. Tuesday 3 January, 2023.

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Update on Saturday Banking: Saturday Banking will be temporarily suspended as we allow time for annual training and infrastructure investment initiatives. To access your accounts, please use our Butterfield Online, ATM and mobile banking services. Saturday Banking hours will resume as normal on March 4th.

Please be aware that we will be carrying out work on our technology systems from 6 pm on Friday, 6 October. Butterfield Online and Saturday Banking will be unavailable this weekend. All services are expected to resume as normal on Monday, 9 October. 

Butterfield will be closed on Monday, 2 September 2024, for the Labour Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 3 September 2024, from 9:00 a.m. - 4:00 p.m.

Butterfield will be closed on Monday, 17 June 2024 for the King’s Birthday public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 18 May 2024 from 9:00 a.m. - 4:00 p.m.

Update on Saturday Banking: We are pleased to announce the return of Saturday Banking. Our Front Street Banking Centre will be open from 10:00 a.m. to 3:00 p.m. every Saturday for you to take care of your personal banking needs.

Update on Saturday Banking: Saturday Banking will be temporarily suspended effective 15 July 2023, as we allow time for annual training and infrastructure investment initiatives. We will advise when Saturday Banking services have resumed. To access your accounts, please use Butterfield Online and our ATM network. We apologise for any inconvenience caused.

Hurricane Lee Advisory: Please be advised that our offices and Banking Centres in Bermuda will be open for business from 12:00 p.m. to 4:00 p.m. today.

The ATMs at Collector’s Hill, Modern Mart, Somerset MarketPlace and Somerset Banking Centre are back in service and Saturday banking will be available tomorrow at Front Street from 10:00 a.m. to 3 p.m. 

We are pleased to report the issue with debit card settlements has been fixed for the vast majority of accounts impacted, and we are working to correct the few outstanding. If you still see an issue with your account and you require access to blocked funds immediately, please contact the call centre.

Please be advised that our Banking Centres will be closing at 2:00 p.m. on Friday, 6 October. Butterfield Online will also be unavailable this weekend from 4:00 p.m. on Friday, 6 October until Monday, 9 October at 9:00 a.m. as part of a scheduled systems update.

Our Island Saver Instant Access account now has a reduced minimum of £10,000. Click here for more details

Our Fee Schedule has been updated, effective Friday, 1 March 2024. For full details, please review the Fee Schedule here

 

Butterfield will be closed on Monday, 17 June 2024 for the National Heroes Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.
All Banking Centres will reopen on Tuesday, 18 June 2024, with our normal operating hours of 9:00 a.m. - 4:00 p.m.

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Please be advised our EUR & USD Notice account rates have been updated.  Please click here to view our Notice account rates. 

 

27 March 2024
Market Watch March 2024: Bubble Watch

By Nicholas Rilley, CFA, Investment Manager and Strategy Analyst

The history of financial markets contains some spectacular boom and bust stories. Financial market bubbles feed on the powerful human emotions of fear and greed, and the creation of great wealth followed by momentous destruction provides the basis for many books and even Hollywood films. This helps to explain why market commentators may find the opportunity to try and call the next bubble too tempting to resist.

Recently, the number of trending news articles referring to a potential bubble have spiked. While some of the stories refer to broad credit or equity markets, the focus tends to be on Technology. More specifically, on Artificial Intelligence linked stocks.

Semiconductor firm Nvidia is at the centre of the AI revolution. The company provides the market leading chips, with the required computing power, architecture and precision, for the deep learning tasks involved in AI. Since the start of 2023, Nvidia’s share price is up around 500%. A remarkable rise for a stock which was already the 10th largest stock in the S&P 500. Nvidia’s share price suggests a bubble, but dig a little deeper and there is more to it.

In the quarter ending 30 April 2023, Nvidia generated revenue of $7.2 billion and earnings-per-share (EPS) of $0.87. For the current quarter ending 30 April 2024, it is estimated that these numbers will be $24.0 billion and $5.40. The share price is up around 500%, but profits are up a similar amount%. NVDA’s P/E ratio is roughly unchanged since the start of 2023, with nearly all of its return attributable higher earnings.

If a stock price bubble is one where the price of shares becomes disconnected from the fundamentals (earnings), then that is not what is happening with Nvidia. However, there are three other important considerations when assessing whether this might be a bubble. Firstly, whether revenue is temporarily too high, secondly, whether their profit margins are unsustainably high and, lastly, whether the market is extrapolating the growth rate of profits too optimistically.

When thinking about the sustainably of sales, important factors to consider include who is buying Nvidia’s chips, does the spending make sense and is there leverage involved. Nvidia’s four largest customers are the hyperscale cloud providers: Microsoft, Meta, Amazon and Alphabet. These are some of the world’s most successful and profitable companies, all of which generate substantial cash flow and have low levels of debt. Furthermore, while there have been misallocations of capital, such as the Metaverse and moon-shot investments, these companies have a strong record of capital allocation.

Traditional economic theory suggests that in a free-market, where a business generates a gross profit margin of over 70% as Nvidia currently does, this will be competed away. The base case should be that margins will fall, but in the short-term, the demand for their leading H100 chips is so strong that they have considerable pricing power. Competitors such as AMD are of course trying to catch up, but this takes time as lead times and supply chains in the industry are long. According to research by Goldman Sachs, since 1985 just four companies in the S&P 500 have managed to maintain EBIT (Earnings before interest and taxes) margins greater than 50% for 5 consecutive years.

The demand of AI-related semiconductors has been compared to a gold rush, with Nvidia selling the proverbial shovels. This is a valid analogy but there is an important distinction. Owning gold is a means to an end, but computing power and AI is a means to productivity growth. This is what advances standards of living in the world and corporate profits.

Analysis by Capital Economics suggests countries that successfully adopt AI could see their productivity growth lifted by as much as 1.5% a year in the decade following widespread adoption. AI is not entirely new and the phrase was coined back in 1956 at Dartmouth College. However, the release of ChatGPT thrust AI into the spotlight and it has shown how technology can be used to drive efficiencies.

In a recent interview, JP Morgan CEO Jamie Dimon said: "the way to think about it for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI.” The Energy sector is using AI to help with evaluating seismic surveys and drilling more efficiently, while Health Care is using AI to read medical imaging and help with drug innovation.

Given the potential, it is clear why the hyperscale cloud providers are pouring money into AI. Analysts at Bloomberg estimate that spending on Generative AI could rise to $1.3 trillion in 2032, which would be a rise of 43% on an annualised basis. This would take Generative AI spending from the current level of 1% of technology spending to 10-12%.

The most dangerous bubbles are in unproductive assets and funded by leverage in the banking sector. The AI revolution is the opposite of this; computing power is a productive asset and it is being funded by wealthy corporates. The Technology sector is prone to boom and bust as exponential change is difficult to price and particularly susceptible to the power of forward-looking narratives. The dot-com bubble in 2000 and the collapse of non-profitable Technology valuations in 2021-2022 are recent examples.

However, Goldman Sachs notes that the ten largest Technology, Media and Telecom stocks trade at a P/E of 28x, which pales in comparison to the peak of the Tech Bubble (52x) and late 2021 (43x). Expensive is not the same as a bubble, but that makes for a less exciting Hollywood story.

Disclaimer: The views expressed are the opinions of the writer and whilst believed reliable may differ from the views of Butterfield Bank (Cayman) Limited. The Bank accepts no liability for errors or actions taken on the basis of this information.